China’s Central Bank says Crypto Crackdown Completed and Now Back to Normal Supervision

China’s Central Bank says Crypto Crackdown Completed and Now Back to Normal Supervision

“The battle to prevent and resolve major financial risks has achieved important phased results,” reads the translated version of the China Financial Stability Report 2021 from the country’s central bank.

As part of its financial stability measures, the central bank cracked down on several activities, including crypto mining and derivatives trading, earlier this year.

This crackdown in China led to the shutdown of crypto mining operations in the country, leading to a crash in the hash rate of the Bitcoin network. After fleeing China, these miners are now coming back online overseas, as seen in the recovery in the hash rate, which is up 55% from early July, when it hit an almost two-year low.

This crackdown also led to a more than 50% drop in Bitcoin price, which went under $28k in June. Since July low, BTC/USD is now back above $50,500, up 73% YTD.

In its report, the People’s Bank of China (PBOC) noted that the crackdown on virtual currency transactions has been completed and has now been transferred to normalized supervision, shared Chinese publication Wu Blockchain.

“Bids filled, crackdown completed?” quipped Su Zhu, the CEO, and co-founder of Three Arrows Capital.

“FYI when BTC is in the 400-800k range, I think we will see a ton of govt crackdown psyops as they attempt to fill bids, similar to the jawboning we see in FX markets.”

Meanwhile, the report noted that the central bank’s measure to mitigate internet financial risks had achieved good results with all P2P online lending institutions in operation closed down, including internet asset management, equity crowdfunding, internet insurance, virtual currency trading, internet foreign exchange trading, and other fields.

The rectification work is “basically completed; it has been transferred to normalized supervision,” it added.

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Author: AnTy

It Is The “Largest Wealth Transfer In History” As The 99% Supports The 1% Of Crypto

After falling under $44k this week, Bitcoin price went back towards $50k to mark the start of the weekend. Currently trading around $49k, the leading cryptocurrency is now just 24.6% away from its all-time high.

Ether (ETH) is also back to hovering at $3,300 while the total market cap is now at nearly $2.19 trillion, getting all that much closer to the mid-May peak just above $2.6 trillion.

This week, Avalanche is leading the market with its 7-days gains of 165% along with Arweave, Audius, Solana, and Terra, which are up 50% to 80% during the same period. AR -9.24% Arweave / USD ARUSD $ 28.24
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Volume 36.71 m Change -$2.61 Open $28.24 Circulating 33.39 m Market Cap 943.17 m
9 h It Is The “Largest Wealth Transfer In History” As The 99% Supports The 1% Of Crypto 2 d South Koreans Turn to Serum (SRM) As Solana (SOL) Ecosystem Pumps 4 d Open Interest & Funding Rates Indicate “Lack of FOMO” in Cryptocurrency Market
AUDIO -9.12% Audius / USD AUDIOUSD $ 2.87
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Volume 110.25 m Change -$0.26 Open $2.87 Circulating 400.24 m Market Cap 1.15 b
9 h It Is The “Largest Wealth Transfer In History” As The 99% Supports The 1% Of Crypto 2 d South Koreans Turn to Serum (SRM) As Solana (SOL) Ecosystem Pumps 4 d Open Interest & Funding Rates Indicate “Lack of FOMO” in Cryptocurrency Market
SOL -6.31% Solana / USD SOLUSD $ 73.76
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Volume 1.51 b Change -$4.65 Open $73.76 Circulating 286.58 m Market Cap 21.14 b
9 h It Is The “Largest Wealth Transfer In History” As The 99% Supports The 1% Of Crypto 1 d BlockFi Signs NBA #1 Draft Pick Cade Cunningham As An Ambassador 1 d Solana Based DeFi Protocol, Luna Yield, Goes Dark as Customers Fear An Exit Scam: Report
LUNA -0.84% Luna Coin / USD LUNAUSD $ 0.01
$0.00-0.84%
Volume 0 Change $0.00 Open $0.01 Circulating 1.71 m Market Cap 14.19 K
9 h It Is The “Largest Wealth Transfer In History” As The 99% Supports The 1% Of Crypto 2 d South Koreans Turn to Serum (SRM) As Solana (SOL) Ecosystem Pumps 4 d Open Interest & Funding Rates Indicate “Lack of FOMO” in Cryptocurrency Market

With Bitcoin (BTC) eyeing the psychological level of $50,000 and hoping for a strong break, central banks officials set to get together at Jackson Hole, Wyoming, where Fed Chair Jerome Powell will deliver the highly anticipated speech to lay out his plans to normalize monetary policy, can affect the market sentiments negatively.

Titled “Macroeconomic Policy in an Uneven Economy,” the speech will be streamed live next week on Friday, August 27.

With discussions around tapering already started, heavy volatility is expected next week, which could affect crypto markets as well.

On Friday, the US dollar index went above 93.7, a level last seen in early November, and is currently trading at 93.458.

Gold meanwhile is currently at $1,780 per ounce, up from an over four-month low at $1,687 on August 9th.

In the crypto market, meanwhile, “the largest wealth transfer in history … from nocoiners and boomers to crypto enthusiasts” is happening, noted trade and economist Alex Kruger.

According to SpartanBlack, a partner at crypto fund The Spartan Group, it’s the other 99%, “everyone else who is not in crypto” supporting the 1% of crypto, “and the funny thing is that they have no idea they are doing it.”

He goes on to explain how the thousands of new millionaires and many billionaires as well minted in crypto are going to cash out a portion of their newfound wealth to buy houses, cars, yachts, jewelry, club memberships, etc.

This, in turn, drives up asset prices that result in real-world inflation, but it is a slow and organic process, and as such, “you don’t see that inflation happening.”

“The people who are not in crypto also happen to be the ones who are less tech-savvy and tend to have a set view of how the world works. They made their mark in the old world order, and they think all of this is a massive bubble or ponzi that will crash spectacularly. That view keeps them away, and they keep subsidizing us year after year unknowingly until at some point it becomes clear that crypto is the new new thing, and it isn’t going away,” said Spartan Black.

Overall, it is a generational wealth transfer from the old to the young, from the clueless to the tech-savvy, from the risk-averse folks to the risk-takers, and from the establishment to the guys who dare to dream up a new world order, he added.

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Author: AnTy

$4.77M Returned, Poly Network Hacker Starts Giving Back the Stolen $611M Crypto Assets

$4.77M Returned, Poly Network Hacker Starts Giving Back the Stolen $611 Million Crypto Assets

The attacker of cross-chain Poly Network has already started to return the $611 million worth of crypto assets just a day after stealing them.

“Its already a legend to win so much fortune. It will be an eternal legend to save the world. I made the decision, no more DAO,” read one of the messages from the attacker.

$4.77 million has been returned so far, shared by the Poly Network team on Twitter. As we reported, Tether had saved the loss of $33 million yesterday by freezing USDT addresses.

On the day of the attack, blockchain security firm Slowmist also obtained information about the attacker, including their IP address, email ID, and device fingerprints through on-chain and off-chain tracking, following which the hacker announced their decision to return the funds.

Slowmist further said that the attacker used a little-known Chinese cryptocurrency exchange Hoo for the attack, adding, “this is likely to be a long-planned, organized and prepared attack.”

The Poly Network team also reached out to the attacker, urging them to return the hacked funds on the grounds that the amount stolen was the biggest one in DeFi history and because law enforcement will regard this as “a major economic crime.”

While previously suspected to be the leakage of the single keeper’s private key, the attack actually happened “because the keeper of the EthCrossChainData contract can be modified by the EthCrossChainManager contract, and the verifyHeaderAndExecuteTx function of the EthCrossChainManager contract can execute the data passed in by the user through the _executeCrossChainTx function. Therefore, the attacker uses this function to pass in carefully constructed data to modify the keeper of the EthCrossChainData contract,” explained Slowmist in its analysis.

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Author: AnTy

PayPal-owned Venmo Rolls Out “Cash Back to Crypto” Option with Credit Card

PayPal-owned Venmo Rolls Out “Cash Back to Crypto” Option with Credit Card

PayPal-owned Venmo announced the expansion of its cryptocurrency support with the launch of a new feature that will allow its users to automatically buy cryptocurrency using the cashback they earned from their Venmo credit card purchases.

The good thing about these automated purchases is that, unlike when buying crypto directly, these will charge no transaction fees. This is similar to PayPal’s Checkout with Crypto, allowing shoppers to make purchases using their crypto where it is converted to fiat without any transaction fees.

This feature isn’t a promotion either but is long-term with a crypto conversion spread built into each monthly transaction, said Venmo.

Venmo and PayPal’s regular crypto buying and selling starts at 50 cents for transactions under $25. Then they start charging 2.3% from $25 to $100, a 2% fee for transactions between $100 and $200; 1.8% for transactions between $200 and $1,000; and 1.5% for anything above $1,000.

During Q1 earnings, PayPal CEO Dan Schulman had said that the Venmo credit card “is outpacing our expectations for both new accounts and transactions,” and this past quarter, he noted, the company is seeing “strong adoption and trading of crypto on Venmo.”

Venmo credit cardholders will be able to buy BTC, ETH, LTC, and BCH with this new “Cash Back to Crypto” option.

Currently, the cardholders of Venmo can earn monthly cashback across eight different categories with up to 3% on their top eligible spending category. Darrell Esch, SVP and GM at Venmo, said in a statement,

“The introduction of the Cash Back to Crypto feature for the Venmo Credit Card offers customers a new way to start exploring the world of crypto.”

To enable the new “Cash Back to Crypto” option, Venmo customers will navigate to the Venmo Credit Card home screen in the app, where they have to select the Rewards tab and then “Get Started.” After agreeing to the terms, the user has to choose the crypto of their choice. Once enabled, whenever cash-back funds get credited to a customer’s balance, it is immediately turned into the previously selected crypto.

This feature can be turned on or off at any time.

Already, Venmo’s over 76 million users can buy, hold, and sell crypto since April, as part of the parent company PayPal’s more significant investment in cryptocurrency.

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Author: AnTy

Bitcoin.org Back Online After an ‘Absolutely Massive DDoS Attack’ & 0.5 BTC Ransom Demand

Bitcoin.org Back Online After an ‘Absolutely Massive DDoS Attack’ & 0.5 BTC Ransom Demand

Bitcoin.org, an original Bitcoin website, has been hit with an “overwhelming attack” and a ransom demand.

On Monday, Cøbra, a pseudonymous operator of the website, tweeted that the website has been hit with a distributed denial-of-service (DDoS), following which the attacker demanded 0.5 BTC, worth about $17k at the current price of $34,000 per Bitcoin.

“Bitcoin.org getting hit with an absolutely massive DDoS attack and a ransom demand to send Bitcoin or they’ll continue.”

“I don’t think I’ve been this offended in a while. Ungrateful scum.”

The website that was first registered in 2008 and is an educational resource is currently online.

Elsewhere, the ransomware group REvil has demanded a ransom of $70 million in BTC for a decryptor tool following the attack on the software vendor Kaseya.

“We know there are thousands of victims here. REvil [has] limited resources to handle negotiations and process keys,” said researcher Allan Liska at cybersecurity firm Recorded Future, calling this the biggest non-nation state supply chain attack ever and possibly the second biggest ransomware attack.

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Author: AnTy

Bitcoin Shorts Fall While Institutions Wait In Cash After Basis Trade Evaporates

This weekend, the price of Bitcoin is making its way upwards to $34,500, but this has been on the back of even lower volume than the declining trend, given that it’s Saturday.

Bloomberg is currently looking at a key trendline that acted as a support for BTC price but is now struggling to break above. This flip, according to them, would be a bearish outlook unless prices can retake the barrier.

Originating at the March 2020 crash, the trendline acted as support as recently as May, when the cryptocurrency fell to about $30k. But to trader CL of eGirl Capital,

“The way ppl are positioned make me feels like we’ll never break sub 30k in a meaningful way (as in nuke to mid 20 and remain there).”

Meanwhile, despite the leading cryptocurrency still down about 48% from its all-time high in April, it is still up 19%, much better than gold, the stock market, or the US dollar.

Bitcoin’s sideways action is happening at a time when the US dollar is showing strength, keeping above 92 level. With this, US net shorts have fallen, for a second straight week, to their lowest level of $10.44 billion since April.

Meanwhile, in the futures market, indicators have bounced from recent lows, but a proper sentiment reversal is still not in sight.

In the week ended June 29, Bitcoin net shorts fell to 1,345 contracts from 1,528 the previous week.

When it comes to premium on major futures contracts, not much has changed, with those expiring at the end of September trading at a few hundred premium while the one with the December expiry has a premium of about $1,000. The increase in OI is also marginal. Trader CL said,

“BTC and ETH basis also look relatively bullish, as in I feel like a meaningful break sub 32k and we may start seeing consistent backward, which isn’t v likely since I don’t see a strong reason why this market should trade backward atm.”

As basis trade, the difference between spot and futures prices collapses, hedge funds are closing their positions and are back into cash. $200 million hedge fund, Nickel Digital Asset Management, run by Goldman Sachs and JPMorgan alumni, is one example.

This was to be expected amid signs that institutional investors are increasingly interested in the assets, said Anatoly Crachilov, the co-founder and the chief executive of Europe’s biggest regulated crypto hedge fund. Crachilov said in an interview,

“June will be remembered as a cash-rich, wait-and-see month.”

“The sideways market conditions throughout the month led us to exercise financial discipline and keep powder dry until risk/reward of re-emerging market opportunities warrant efficient deployment of capital.”

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According to OKEx futures data, BTC long/short ratio shows buying interest after it recovered last Friday and held up relatively well this week despite the recent price slide.

BTC margin lending ratio, which jumped to as high as 4.39 this week from last Friday’s 1.53 and is now at 2.82, also shows retail has started buying again.

Not to mention, a bill in Germany has taken into effect that indicates at least $13 billion in inflows, based on PWC hedge fund survey data from May. This is coming while banks are charging 0.5% on deposits. Crachilov said,

“The investment world has dismissed crypto on every leg down for the past decade, thus far to their detriment.”

“The most recent drawdown is ‘business as usual’ for anyone long enough in crypto business and with familiarity with Bitcoin’s polemical history.”

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Author: AnTy

Bitcoin Market ‘Getting to Peak Market Apathy’ With Traders Now Paying As Much As 120% To Short

Bitcoin is back on the slide on the weekend.

After recovering to $35,500 from the sell-off that took us under $28,000 earlier in the week, the price of Bitcoin dropped on Saturday to about $30,100.

In tandem with Bitcoin, Ether went to about $1,717. Other altcoins also crashed, sending the total cryptocurrency market cap to $1.3 trillion.

Before the latest drop in price, a massive Bitcoin margin short filled on Bitfinex on Friday. “Last two times large shorts built up on Finex a major price drop followed within 2-10 days. The execution method and time of the day are different this time,” noted trader and economist Alex Kruger.

With trading extremely low on weekends and gas prices on Ethereum and decentralized exchanges also in low single digits, the market seems to be “getting to peak market apathy.”

“But soon people will realize BTC won’t nuke out of this range and BTC will lead rally if anything imo, most of downside risk is on alts, but I think we can sideways range low and just nothing happens cus its not like theres big longs to liq,” said trader CL of eGirl Capital.

Even after the recent deep rout and significant price volatility over the week, Bitcoin prices remain range-bound ever since the mid-May crash.

In the futures market, funding rates have fallen significantly and gone negative. What it says is, it is now hard for prices to drop in a straight line, bad time to sell if looking to time entries or exits, and it’s cheaper to use futures to short than perpetual contracts, said Kruger.

Looking at OKEx futures data, the long/short ratio, indicative of general market sentiment, has not recovered since the cryptocurrency started crashing last week.

With the low premium for the quarterly contract which continues to shrink, testing 1% this week after running in the 3%-2% range in the last two weeks, the willingness to pay high premium shows loss of confidence in near-term price appreciation — though “very mild optimism,” it just reflects an uncertain market.

“Futures data shows lack of market conviction, but most indicators are near recent bottoms,” noted OKEx.

The declining margin lending ratio also shows retail is not buying to hold. Meanwhile, open interest remains muted; this recent stagnation is indicative of the market’s lack of interest in opening new positions.

“We need to see this market stabilize and, more important, cease to be a news story,” Nicholas Colas, co-founder of DataTrek Research, wrote in a note this week.

“The good news is that time will come, and with it will be another great investment opportunity. Until then we’re cautious as the proverbial long-tailed cat in a room full of rocking chairs.”

Amidst all this, Tesla CEO Elon Musk has agreed to discuss bitcoin with Twitter co-founder and CEO Jack Dorsey at an event in July.

Dorsey suggested, “Let’s you and I have a conversation at the event. You can share all your curiosities…,” and Musk agreed with “For the Bitcurious? Very well then, let’s do it.”

The event is scheduled to take place on July 21, according to its website, “offering a live experience and a library of content to the investor community, enabling a more informed discussion about the role Bitcoin can serve for institutions across the globe.”

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Author: AnTy

Robinhood’s IPO Pushed Back As SEC Delays Approval

Robinhood’s IPO Pushed Back As SEC Delays Approval

The initial public offering (IPO) of stock trading platform Robinhood Markets LLC is being slowed.

According to a Bloomberg report, several people familiar with the matter say the Securities and Exchange Commission has been delaying its review in recent weeks.

SEC Scrutinizes Robinhood’s Crypto Arm

Per the report, the approval has been delayed because the regulator is reportedly looking closely at Robinhood’s growing cryptocurrency business.

The report says the two parties have had extensive discussions about the firm’s IPO prospectus with the regulators particularly concerned about the crypto arm.

Robinhood started cryptocurrency trading on its platform in 2018, before expanding it in 2021. The platform now has a wide range of cryptocurrencies including Bitcoin, Ethereum, Dogecoin, and others.

The firm had earlier planned for a June listing after its filing in March 2021, before shifting to July 2021–which is not certain.

Nevertheless, Robinhood says it would reveal its financials and go public once the SEC finally finishes its review.

Founded in 2013 and headquartered in California, Robinhood is known for offering commission-free trades of stocks and exchange-traded funds.

Robinhood’s Rise To Fame

Robinhood soared in popularity last year. The firm’s rapid rise to prominence was preceded by the GameStop short-squeeze controversy in January 2021.

The broker had halted trading of Gamestop stocks on its platform alongside shares of AMC Entertainment and Blackberry.

This did not sit well with retail traders as the company received public backlash over it. The company later lifted Gamestop restrictions saying they did so to guard against market manipulation.

In terms of revenue, Robinhood has had a good run this year. The brokerage firm made $331 million in payment in the first quarter of 2021, according to an SEC filing.

Out of the payments, $133 million was made from equity trades while $198 million came from options trading. Robinhood’s crypto customers also rose to 9.5 million during the first quarter of 2021.

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Author: Jimmy Aki

Koreans REKT: Kimchi Premium All But Vanishes, Authorities Seize $47M in Crypto from Tax Evaders

While officials conduct the largest “crypto seizure for back taxes in Korean history,” FSC Chairman warns that cryptos can crash into nothing if exchanges are not approved under the VASP license. Koreans meanwhile remain more interested in Doge and XRP than BTC and ETH.

The “Kimchi premium,” the difference between prices on South Korean exchanges and global cryptocurrency exchanges, has collapsed.

Representing the exit of retail Korean traders, the “kimchi premium” on crypto assets has fallen to 0.5% after this week’s sell-off, noted DooWanNam, co-founder of StableNode, who is also working with MakerDAO.

This kimchi premium had swelled to a three-year high of 22% in early April, just days before Bitcoin’s price hit its all-time high of nearly $65,000 in a sign of retail frenzy.

Given that South Korea now contributes less than 2% of worldwide trading volume versus 8% in 2017, these swings in premiums don’t impact the cryptocurrency prices.

Moreover, Bitcoin and Ethereum aren’t even the most traded crypto asset on South Korea’s largest crypto exchange, Upbit, rather they come at third and fourth place, respectively.

Korans continues to be more interested in trading Doge and XRP, as per Coinmarketcap. In the last 24 hours, Upbit recorded more than $2 billion of trading volume for DOGE/KRW pair, $1.3 bln for XRP/KRW, over $1 bln for BTC/KRW, $678 million for ETH/KRW, and $465 million for ETC/KRW.

Largest “Crypto Seizure for Back Taxes”

While the retail is reeling from these losses, officials in the South Korean province of Gyeonggi confiscated $47 million in Bitcoin, Ether, and other cryptos, according to Financial Times.

Officials are calling it the largest “cryptocurrency seizure for back taxes in Korean history.”

The funds have been seized from 12,000 tax evaders. Officials manually connected individuals’ activity on crypto exchanges with their phone numbers because trading platforms didn’t collect formal identification of account holders.

Just last year, the National Assembly of South Korea passed a law that required local exchanges to comply with KYC and AML guidelines from the Financial Action Task Force (FATF).

As per this, crypto businesses, particularly exchanges, must get approval from the Financial Services Commission (FSC) and the Korea Internet and Security Agency before September 24, 2021.

Be Cautious

On Wednesday, FSC Chairman Eun Seong-soo also once again spoke about the dangers of cryptocurrencies, according to a local media publication. Chairman Eun on the regulation of virtual assets said,

“I emphasized the risk that coins (cryptocurrency) could become a piece of paper if virtual asset business registration (VASP license) is not done.”

He further reiterated the need to be cautious about investing in cryptocurrencies and said, “It is regrettable that we cannot do anything about the price change of the coin, delisting, or suspension of trading.”

On being asked by Tesla CEO Elon Musk influencing the crypto market and whether he will refund Korean investors, Chair Eun said while he understands the anger, “it is technically and realistically difficult,” adding, “if it was done in Korea, if it was a stock, it would be subject to judicial treatment.”

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Author: AnTy

Interest in Cryptocurrencies Are On The Rise, But Volatility Concerns Hold Back Traders: Survey

Interest in Cryptocurrencies Are On The Rise, But Volatility Concerns Hold Back Traders: Survey

Cryptocurrencies have seen wide adoption in the Australian continent, as reflected by a new survey.

Volatility Deterring Widespread Adoption Of Crypto

In a previous survey by The Finder of 1,004 participants in January, about 1 in 4 respondents revealed that they invest in or plan to buy cryptocurrencies.

The number has nearly doubled according to new findings, per reports by The Australian. Of the unknown number of surveyed respondents, about 1 in six Australians (about 17%) said they now own cryptocurrencies. A further 13% said they are interested in cryptocurrencies and would place a stake in the nascent industry as the months go by.

But most of those who participated in the new survey noted that volatility was a huge deterrent. About 43% said that the erratic price swings were a barrier for them to place a stake in virtual currencies. This reflects a 14% increase from the January survey.

Aside from volatility, the knowledge gap of what crypto does comes in at 19%, and limited utility comes in at 18%. Another barrier is that Australians do not know how to buy it, with 22% of respondents stating this fact.

50% of male participants pointed to volatility as a reason they cannot invest in the nascent sector compared to 37% female respondents.

Speaking on the results, Finder personal finance expert Kate Browne said that risk has continued to undermine the adoption of cryptocurrencies. However, she noted that this is a norm for any investment.

Browne noted that the greater involvement of women in the crypto space was a good sign. According to her, this is because more businesses accept BTC payment, and the use of Bitcoin automated teller machines (ATMs) and debit cards was further aiding the growth of the digital asset.

Crypto Is Overvalued

Bitcoin is still the top dog despite volatility with a 9% market share. However, it has lost 4% from the 13% market share it enjoyed in the Jan. survey. Ethereum follows with 8% while parody coin DOGE comes in third 5%. Finally, Bitcoin Cash takes up the rear with 4%. BTC -5.90% Bitcoin / USD BTCUSD $ 35,777.75
-$2,110.89-5.90%
Volume 36.12 b Change -$2,110.89 Open $35,777.75 Circulating 18.74 m Market Cap 670.41 b
2 h NASCAR Driver Becomes the Latest Athlete to Accept Payment in Cryptocurrency In Voyager Sponsorship 3 h Interest in Cryptocurrencies Are On The Rise, But Volatility Concerns Hold Back Traders: Survey 5 h There’s “Significant Desire” for Crypto Among Investor says BBVA as it Launches Bitcoin Trading Service
ETH -5.72% Ethereum / USD ETHUSD $ 2,234.15
-$127.79-5.72%
Volume 22.7 b Change -$127.79 Open $2,234.15 Circulating 116.35 m Market Cap 259.94 b
3 h Interest in Cryptocurrencies Are On The Rise, But Volatility Concerns Hold Back Traders: Survey 7 h Bitcoin, Gold, Stocks, and Yields Take a Beating as Fed’s Bullard Talks of Tapering 10 h Interoperability Project Ren Integrates With Solana, Adds Direct Bridge For Bitcoin
DOGE -4.53% Dogecoin / USD DOGEUSD $ 0.29
-$0.01-4.53%
Volume 1.84 b Change -$0.01 Open $0.29 Circulating 130.08 b Market Cap 38.05 b
3 h Interest in Cryptocurrencies Are On The Rise, But Volatility Concerns Hold Back Traders: Survey 10 h Interoperability Project Ren Integrates With Solana, Adds Direct Bridge For Bitcoin 1 d CoinFlip to ‘Demystify’ Crypto With Actor Neil Patrick Harris who Reveals Himself a Bitcoiner
BCH -5.91% Bitcoin Cash / USD BCHUSD $ 563.24
-$33.29-5.91%
Volume 1.64 b Change -$33.29 Open $563.24 Circulating 18.77 m Market Cap 10.57 b
3 h Interest in Cryptocurrencies Are On The Rise, But Volatility Concerns Hold Back Traders: Survey 10 h Interoperability Project Ren Integrates With Solana, Adds Direct Bridge For Bitcoin 1 d 2.3 Million UK Adults Now Hold Crypto Assets, 10.5% More than Last Year: FCA Report

The survey also noted that one-quarter (about 25%) felt that cryptocurrencies were overvalued. This number has grown 9% higher from the earlier survey. In addition, 32% said they would rather buy shares or place their money in savings than purchase crypto assets.

The crypto market has seen negative price action after concerns about BTC mining protocol were aired by Tesla boss Elon Musk. In addition, following China’s ban of digital assets for payment, the crypto market lost 50% of its value and is still struggling. BTC trades at $35,600 on the 24hr chart.

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Author: Jimmy Aki